Item 8.01. Other Events.
On September 25, 2020, VPC Impact Acquisition Holdings (the “Company”) consummated its initial public offering (“IPO”) of 20,000,000 units (the “Units”). Each Unit consists of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”), and one-half of one warrant of the Company (“Warrant”), with each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock for $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $200,000,000. The Company has granted the underwriters for the IPO (the “Underwriters”) a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments, if any.
On September 25, 2020, simultaneously with the consummation of the IPO, the Company completed the private sale (the “Private Placement”) of an aggregate of 6,000,000 warrants (the “Private Placement Warrants”) to VPC Impact Acquisition Holdings Sponsor, LLC (the” Sponsor”), generating gross proceeds to the Company of $6,000,000. The Sponsor has committed to purchase up to an additional 600,000 Private Placement Warrants if the underwriters exercise their over-allotment option in full.
A total of $200,000,000, comprised of $196,000,000 of the proceeds from the IPO (which amount includes $7,000,000 of the underwriters’ deferred discount) and $4,000,000 of the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee.
An audited balance sheet as of September 25, 2020 reflecting receipt of the proceeds upon consummation of the IPO and the Private Placement has been issued by the Company and is included as Exhibit 99.1 to this Current Report on Form 8-K.
Over-Allotment Closing
As previously reported on a Current Report on Form 8-K of VPC Impact Acquisition Holdings (the “Company”), on September 25, 2020, the Company consummated its initial public offering (“IPO”) of 20,000,000 units (the “Units”). Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary Shares”), and one-half of one redeemable warrant of the Company (each whole warrant, a “Warrant”), with each Warrant entitling the holder thereof to purchase one Class A Ordinary Share for $11.50 per share, subject to adjustment. The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $200,000,000. The underwriters of the IPO (the “Underwriters”) were granted a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments, if any. On October 1, 2020, the Underwriters exercised the over-allotment option in part and purchased an additional 737,202 Units (the “Over-Allotment Units”), generating gross proceeds of $7,372,020.
As previously reported on a Current Report on Form 8-K of the Company, on September 25, 2020, simultaneously with the closing of the IPO, the Company completed the private sale of 6,000,000 warrants (the “Private Placement Warrants”) to VPC Impact Acquisition Holdings Sponsor, LLC (the “Sponsor”) at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $6,000,000. On October 1, 2020, simultaneously with the sale of the Over-Allotment Units, the Company consummated a private sale of an additional 147,440 Private Placement Warrants to the Sponsor, generating gross proceeds of $147,440.
A total of $207,372,020 of the net proceeds from the sale of the Units, the Over-Allotment Units and the Private Placement Units was placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A. maintained by Continental Stock Transfer & Trust Company, acting as trustee, established for the benefit of the Company’s public shareholders. The proceeds from the sale of the Over-Allotment Units and the sale of the Private Placement Warrants on October 1, 2020, has been disclosed in the subsequent events notes to the audited balance sheet included as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
EXHIBIT INDEX
2
